Bitcoin Forum

Bitcoin could be crime-fighter against credit hacks

Silicon Valley may be on target to stop credit-card hacking, according to multiple reports on social media.

The infamous hack over the holiday-shopping season may have involved more than 100 million shoppers, across a wide swath of retailers.

The problem with debit- and credit-card technology is that, while effective, it is very slow, inefficient — and vulnerable to hacks and cyberattacks.

The crypto-currency bitcoin, though it has many problems of its own, could resolve a number of the issues the outdated payment technology has struggled to overcome.

http://nypost.com/2014/01/26/bitcoin-could-be-crime-fighter-against-credit-hacks/

Bitcoin is also pretty vulnerable when its users are.

Meanwhile on this same page, 2 users are talking about how they were hacked and lost 10ish BTCs between them.  So yeah, there is that.  We have magic internet money that everyone recommends not storing on the internet.

Offline storage is a very good idea for Savings wallets. The time delay saved me from getting scammed out of 1.75BTC (the scamer was promising a high price If I could sell more than I wanted to).

With credit cards, you have relatively low credit and daily transaction limits. with Bitcoin you can send millions of dollars of value around the world in minutes, while paying pennies in fees.

Credit cards have to be reversible because they are vulnerable to the replay attack. Bitcoin has to be irreversible because it is decentralized.

I think people just need to be safer. If you have a key-logger on your comp they can steal your bank details and your Bitcoins.